New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-28
ORR THREE DICTATORS.

Both political and commercial circles are es-
peclally interested in the movements OF the
Treasury, which took IN so much gold last
week and the week before that the bank re-
serves we're sharply reduced. 1t is the custom
to sneak of the movement as if it were due to
some arbitrary decision of the Treasury. But
the fact is that Congress has made important
changes inevitable by refusing to alter laws
under which the Treasury officials are ooilgeu
TO act. One of the most important errors OF
Congress has been the failure to modify the
banking act. Under existing circumstances
banks are surrendering currency rapidly ana
the money turned In for the redemption oil
notes remains locked up for months until the
notes are presented. The Treasury now holds
nearly $94. 100000 in redemption funds, the
amount having increased $1.3OO,OOO this
month and about as much more IN January.
While the surrender of circulation is gong on
it takes into the Treasury large amount
of money every week; last week ABOUT
S2.35O. 900 was deposited for redemption,
while the bank notes come in much more slowly
than year ago.
Then Congress has failed to make any change
in the revenue laws. The responsibility III TINS
instance can be traced 70 three men. Speaker
Carlisle. Mr.. Morrison and Mr. Randall, who
act as dictators on behalf of the majority in re-
spect to measures which the House may con-
slider, but especially upon Mr. Carlisle. who has
expressly refused to recognize a member OF bis
own party for the purpose of moving to reduce
taxation. and has of course made 1t impossible
for Republican members to submit any propo-
sition TO the House. This sort of of dictation
seems strange in government OF the people
but if IS one of the methods adopted by the
majority the House to prevent itself from
doing unwise and dangerous things, and
the refusal of the Speaker to allow
motion to be made implies that he sup
poses a majority of the members might
support 1t. Mr.. Randalfs proposition was not
so mert0riouS that 1t should have been adopted,
nor would it have done away the surplus
revenue. but it might have been so amended
IN the Senate as TO do great good Upon Mr..
Carlisle and those who sustain him rests the
responsibility for continuance OF revenue acts
which take from the people about SS.OUOOo
per month more than the Government needs
The responsibility for continued silver pur-
chases rests with the majority III Congress, and
that also takes from the people 2.O0O.OoO more
each month for conversion INTO CONS not
desired by them.
If the taxes remain unchanged, surplus rcve-
nue. might yet be wisely expended, so that 1t
would return to circulation and greatly benefit
the people But the majority i'll Congress must
again be held re sponsIble for rctu al to wisely
employ the money collected. Provision for
coast defence was possible; ii is not yet clear
that Congress will do anything 10 that end.
The majority, as Mr.. Reed, OF Maine. has point
ed out, INSISTED upon burying meritorious DliIs
from the Senate in committees where the three
diciators of the IL ,lse would have power to
keep them to the end of the session. Of the
fate of other measures for using the surplus,
the Educational bill, the Deepen icnt Pensions
bill and others, some excellent and Others not
excellent, the country has been informed.
Thus it comes to pass that the session OF
Congress Is nearly ended bu nothing has been
done to prevent the absorption by the Treasury
of sum greatly in excess of the needs OF gov
eminent for the next fiscal year. How much
the surplus may prove to have been dsslDated
by extrava ganS or expended by wise appropria-
tons cannot yet be determined, but certainly
somewhere from $1,000.000 to $2,00O,OOO
every week must be drawn from the market
and from the uses of industry and trade, after
July !, because of the conduct of Congress.
The Treasury department rs not TO be blamed
for the contraction thus to be caused The
people must hold themselves responsible. be
cause they elected the majority in Congress
and clothed it with power.